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GRAINS

May Corn closed down $0.02 1/4-cents at $5.47 1/2.

May corn closed lower on Friday but off session lows due to bullish South America weather. The high-range close sets the stage for a steady to slightly lower opening when Monday's night sessions begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If May renews the decline off February's high, the 25% retracement level of the August-January-rally crossing at $5.14 is the next downside target. Closes above February's high crossing at $5.72 are needed to renew the rally off August's low. First resistance is February's high crossing at $5.72. Second resistance is the 62% retracement level of the 2012-2019-decline crossing at $6.36. First support is the 25% retracement level of the August-January-rally crossing at $5.14. Second support is the 50-day moving average crossing at $5.12 3/4.

May wheat closed down $0.15 1/2-cents at $6.60 1/4.

May wheat closed lower on Friday as it consolidates some of the rally off February's low. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $6.56 1/4 would signal that a short-term top has been posted while opening the door for additional weakness near-term. If May extends the aforementioned rally, January's high crossing at $6.93 is the next upside target. First resistance is January's high crossing at $6.93. Second resistance is monthly resistance on the monthly continuation chart crossing at $7.34 1/4. First support is the 20-day moving average crossing at $6.56 1/4. Second support is the 50-day moving average crossing at $6.46 1/2.

May Kansas City Wheat closed down $0.18 3/4-cents at $6.33 3/4.

May Kansas City wheat closed lower on Friday and below the 20-day moving average crossing at $6.36 signaling that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends this week's decline, the 50-day moving average crossing at $6.19 1/2 is the next downside target. If May resumes this winter's rally, the December-2014 high on the monthly continuation chart crossing at $7.05 3/4 is the next upside target. First resistance is Wednesday's high crossing at $6.64. Second resistance is the December-2014 high on the monthly continuation chart crossing at $7.05 3/4. First support is the 50-day moving average crossing at $6.19 1/2. Second support is February's low crossing at $6.08 1/4.

May Minneapolis wheat closed down $0.11 3/4-cents at $6.38 3/4.

May Minneapolis wheat closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible. Closes below the 20-day moving average crossing at $6.38 3/4 would signal that a short-term top has been posted. If May renews the rally off January's low, January's high crossing at $6.62 is the next upside target. First resistance is January's high crossing at crossing at $6.62. Second resistance is monthly resistance crossing at $6.77. First support is the 20-day moving average crossing at $6.38 3/4. Second support is the 50-day moving average crossing at $6.23.

SOYBEAN COMPLEX? 

May soybeans closed down $0.03 1/4-cents at $14.04 1/4.

May soybeans closed lower on Friday following yesterday's key reversal down following this week's disappointing export sales report. The high-range close sets the stage for a steady to slightly lower opening when Monday's night session begins trading. Stochastics and the RSI are becoming overbought and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $13.81 would signal that a short-term top has been posted. If May extends the rally off January's low, psychological resistance crossing at $14.50 is the next upside target. First resistance is January's high crossing at $14.33. Second resistance is psychological resistance crossing at $14.50. First support is the 20-day moving average crossing at $13.81. Second support is the 50-day moving average crossing at $13.44 3/4.

May soybean meal closed down $1.60 to $421.40.

May soybean meal closed lower on Friday as it extends the trading range of the past five-weeks. The high-range close sets the stage for a steady to slightly lower opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below January's low crossing at $413.40 would confirm a downside breakout of the aforementioned trading range while opening the door for additional weakness near-term. Closes above the February 9th high crossing at $442.10 would signal an upside breakout of the aforementioned trading range. First resistance is the February 9th high crossing at $442.10. Second resistance is January's high crossing at $471.40. First support is January's low crossing at $413.40. Second support is the 38% retracement level of the August-January rally crossing at $396.90.

May soybean oil closed up 27 pts. at 49.94.

May soybean oil closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off October's low, the 62% retracement level of the 2008-2020-decline the monthly continuation chart crossing at 53.45 is the next upside target. Closes below the 20-day moving average crossing at 46.06 would confirm that a short-term top has been posted. First resistance is Thursday's high crossing at 50.95. Second resistance is the 62% retracement level of the 2008-2020-decline the monthly continuation chart crossing at 53.45. First support is the 10-day moving average crossing at 47.67. Second support is the 20-day moving average crossing at 46.06.